[anuraaga]

Exactly this. There was a time I tried diversifying from mostly FDN (tech only) to include VTI (S&P) to still trend growth. And eventually realizing these indexes are mostly the same, switched the lower-growth side to include VT. But I find even that, while not as much, is still dominated by the same companies. I would say these two are the vanguard of passive investing (pun intended) but are not working as they used to at diversifying. It might not matter though given these big companies seem too big to fail at this point and some growth is still desired, cash doesn't seem far worse than equal weight indexes at least for now.

I suspect everyone is saying the same thing, S&P isn't broken, it's not as diverse as it may have been, but that doesn't mean it's something to avoid when doing passive investing, knowing it's not quite diverse would be a plus though.